Zacks Investment Research upgraded shares of Laredo Petroleum, Inc. (NYSE:LPI) from a hold rating to a buy rating in a research note released on Tuesday, October 17th. Zacks Investment Research currently has $14.00 price target on the oil and gas producer’s stock.
According to Zacks, “Laredo Petroleum Holdings, Inc. is engaged in the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States. Laredo Petroleum Holdings, Inc. is headquartered in Tulsa, Oklahoma. “
Several other equities research analysts have also recently commented on the stock. BMO Capital Markets set a $14.00 price target on shares of Laredo Petroleum and gave the stock a hold rating in a research report on Tuesday, October 10th. Seaport Global Securities reissued a neutral rating and issued a $9.50 price target (down previously from $10.00) on shares of Laredo Petroleum in a research note on Monday, October 9th. Stifel Nicolaus reissued a buy rating and issued a $17.00 price target on shares of Laredo Petroleum in a research note on Wednesday, October 4th. Piper Jaffray Companies lowered their target price on Laredo Petroleum from $17.00 to $15.00 and set an overweight rating on the stock in a research note on Monday, September 18th. Finally, Cowen and Company reaffirmed a hold rating and set a $12.00 target price on shares of Laredo Petroleum in a research note on Sunday, September 17th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $14.64.
Shares of Laredo Petroleum (LPI) opened at 11.48 on Tuesday. Laredo Petroleum has a 52-week low of $9.57 and a 52-week high of $16.47. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 23.19 and a beta of 1.45. The company’s 50-day moving average is $12.40 and its 200 day moving average is $12.13.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. The company had revenue of $187.00 million for the quarter, compared to the consensus estimate of $173.32 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. Laredo Petroleum’s revenue for the quarter was up 27.5% compared to the same quarter last year. On average, analysts expect that Laredo Petroleum will post $0.50 earnings per share for the current fiscal year.
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Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Laredo Petroleum by 7.9% during the second quarter. Vanguard Group Inc. now owns 16,083,332 shares of the oil and gas producer’s stock worth $169,197,000 after purchasing an additional 1,176,608 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Laredo Petroleum by 2,500.3% during the first quarter. BlackRock Inc. now owns 7,598,973 shares of the oil and gas producer’s stock worth $110,946,000 after purchasing an additional 7,306,738 shares during the last quarter. State Street Corp grew its holdings in shares of Laredo Petroleum by 15.9% during the second quarter. State Street Corp now owns 5,810,244 shares of the oil and gas producer’s stock worth $61,121,000 after purchasing an additional 799,073 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Laredo Petroleum by 36.8% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 3,886,100 shares of the oil and gas producer’s stock worth $50,247,000 after purchasing an additional 1,044,525 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of Laredo Petroleum by 150.2% during the first quarter. Point72 Asset Management L.P. now owns 3,748,400 shares of the oil and gas producer’s stock worth $54,727,000 after purchasing an additional 2,250,300 shares during the last quarter.
About Laredo Petroleum
Laredo Petroleum, Inc (Laredo) is an independent energy company. The Company is focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. It operates through two segments: Exploration and production of oil and natural gas properties, and Midstream and marketing.
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